PHOENIX, March 30, 2023 — Nikola Corporation (Nasdaq: NKLA) today announced the pricing of an SEC-registered underwritten public offering and concurrent registered direct offering at a price of $1.12 per share. Nikola will sell 29,910,715 shares of common stock to the public in the public offering and 59,374,999 shares of common stock to an investor in the concurrent registered direct offering pursuant to a forward stock purchase agreement. The gross proceeds to Nikola from the public offering and the concurrent registered direct offering, before deducting underwriting discounts and commissions and other offering expenses, are $100.0 million. In addition, Nikola has granted the underwriter a 30-day option to purchase up to an additional 4,486,607 shares of its common stock at the public offering price, less underwriting discounts and commissions. The public offering is not conditioned on the closing of the concurrent registered direct offering, and the concurrent registered direct offering is not conditioned on the closing of the public offering. The public offering is expected to close on or about April 4, 2023, subject to customary closing conditions. The concurrent registered direct offering is expected to close on or about April 11, 2023, subject to customary closing conditions.
Nikola currently intends to use the net proceeds from the public offering and the concurrent registered direct offering for working capital and other general corporate purposes.
Citigroup is acting as the sole book-running manager for the proposed public offering.
A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on April 14, 2022 (File No. 333-264068). A copy of the final prospectus supplement and accompanying prospectus relating to the public offering and the concurrent registered direct offering, when available, may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola, including statements that relate to the timing, size and completion of the proposed public offering and the concurrent registered direct offering and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering and the concurrent registered direct offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and the concurrent registered direct offering. More information about the risks and uncertainties faced by Nikola is contained in the section captioned “Risk Factors” in the preliminary prospectus supplement related to the public offering and the concurrent registered direct offering filed with the Securities and Exchange Commission. Nikola disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
PHOENIX, March 30, 2023 — Nikola Corporation (Nasdaq: NKLA) today announced that it has commenced an SEC-registered underwritten public offering of up to $100.0 million of shares of its common stock, before deducting underwriting discounts and commissions and other offering expenses. Nikola expects to grant the underwriter a 30-day option to purchase up to an additional $15.0 million of shares of its common stock at the public offering price, less underwriting discounts and commissions. Concurrently with the public offering, Nikola has entered into a forward stock purchase agreement with an investor, whereby the investor has agreed to purchase up to $100.0 million of shares of common stock from Nikola in a concurrent registered direct offering at the public offering price, with the actual amount of common stock purchased by the investor to be reduced by the extent of the total public offering amount from the public offering, subject to certain conditions. The public offering is not conditioned on the closing of the concurrent registered direct offering, and the closing of the concurrent registered direct offering is not conditioned on the closing of the public offering.
Nikola currently intends to use the net proceeds from the public offering and the concurrent registered direct offering for working capital and other general corporate purposes.
Citigroup is acting as the sole book-running manager for the proposed public offering.
A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on April 14, 2022 (File No. 333-264068). A copy of the preliminary prospectus supplement and accompanying prospectus relating to the public offering and the concurrent registered direct offering, when available, may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola, including statements that relate to the timing, size and completion of the proposed public offering and the concurrent registered direct offering, the grant to the underwriters of the option to purchase additional shares in the public offering, and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering and the concurrent registered direct offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and the concurrent registered direct offering. More information about the risks and uncertainties faced by Nikola is contained in the section captioned “Risk Factors” in the preliminary prospectus supplement related to the public offering and the concurrent registered direct offering filed with the Securities and Exchange Commission. Nikola disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ATLANTA and PHOENIX, March 30, 2023 – Chart Industries, Inc. (NYSE: GTLS), a leading global engineering design and manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets, and Nikola Corporation (NASDAQ: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, executed a strategic collaboration agreement including liquid hydrogen storage tanks, transport trailers, and the development of new mobile and modular hydrogen refueling stations for quick deployment. This agreement includes additional collaboration on the advancement of hydrogen technology for infrastructure and truck on-board fuel systems.
Nikola has recently signed purchase orders with Chart for multiple liquid hydrogen storage tanks, mobile and modular refueling stations, and liquid hydrogen transport trailers to meet Nikola’s needs for deploying the Nikola Tre hydrogen electric vehicles to support key customers and advance the efforts to decarbonize the transport sector. This relationship builds on a previously signed development agreement between Chart and Nikola to work together to develop innovative solutions for the hydrogen electric vehicle market.
Through this agreement, Chart is providing first-of-kind fully integrated mobile and modular hydrogen fueling stations for heavy-duty vehicles providing a quickly deployable fueling solution with lower capital requirements. This transportable fuel station lowers the barrier to entry and is an ideal solution for smaller fleets or any immediate and interim fueling needs. The dense liquid hydrogen storage and efficient liquid high pressure dispense pump also lowers station operating costs.
Nikola, via HYLA, is bringing comprehensive zero-emission heavy-duty trucking energy solutions to market, and each station within the HYLA hydrogen network will serve as an important step in the delivery of a broader array of hydrogen fueling solutions to the commercial trucking industry.
This purchase also includes the most recent design of Chart’s liquid hydrogen transport trailers, building upon over 57 years of hydrogen trailer experience. This new trailer is a lightweight option designed to be pulled by hydrogen electric vehicles.
“We are excited to partner with Nikola and bring first-of-a-kind, quickly deployable hydrogen solutions to the market,” stated Jill Evanko, CEO and President.
“Nikola is on a mission to transform the transportation industry and by aligning with forward-looking companies such as Chart, we are confident this ambitious goal will be achieved,” said Michael Lohscheller, President and CEO, Nikola Corporation. “We know our customers are interested in transitioning to hydrogen quickly and seamlessly. Solutions like Chart’s hydrogen transport trailers will play an important part in jump starting a hydrogen ecosystem.”
With a range of up to 500 miles, the Nikola Tre hydrogen electric vehicle is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks while realizing weight savings when compared to Class 8 BEVs with similar range. The Tre hydrogen electric vehicle is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
ABOUT CHART INDUSTRIES Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and carbon capture and storage amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global manufacturing locations from the United States to China, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit www.Chartindustries.com.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric vehicles (BEV) and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding of each of Chart and Nikola; expectations regarding the respective business model and strategy; the expectations regarding projected truck builds and related specifications and the timing of delivery of hydrogen electric trucks; the expectations for Nikola’s trucks and market acceptance of electric trucks; slower than anticipated growth of new clean energy product offerings; inability to achieve expected pricing increases or continued supply chain challenges including volatility in raw materials and supply; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; risks related to the conflict between Russia and Ukraine; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on future business; the availability of capital; and the other risks and factors detailed from time to time in each of Nikola’s and Chart’s respective reports filed with the Securities and Exchange Commission, including factors discussed in Item 1A (Risk Factors) in Chart’s most recent Annual Report on Form 10-K filed with the SEC and Nikola’s quarterly annual report on Form 10-K for the year quarter ended year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and both Chart and Nikola specifically disclaim any obligation to update these forward-looking statements.
DETROIT– March 29, 2023 – At today’s Automotive Press Association meeting in Detroit, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced that Nikola and its dealer network have received orders for 100 Class 8 Nikola Tre hydrogen fuel cell electric vehicles (FCEVs). Deliveries of the purpose-built heavy-duty trucks will begin in Q4 2023.
“We believe Nikola is the only company in the U.S. with a Class 8 hydrogen FCEV available in calendar year 2023, engineered and assembled in the U.S., as well as a variety of upcoming hydrogen energy solutions,” said Michael Lohscheller, Nikola’s President and CEO. “Customers are recognizing this and are demanding zero-emissions trucking solutions to fulfill their shipping needs and to meet their environmental, social and governance goals. And it will have quite an effect, as one heavy-duty zero-emission truck equates to removing 23 gasoline-powered passenger cars from the road in annual CO2 emissions.”
With a range of up to 500 miles and an estimated fueling time of approximately 20 minutes based upon expected technology improvements, the Nikola Tre FCEV is anticipated to have among the longest ranges of all commercially-available zero tailpipe emission Class 8 trucks. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload and specialized hauling use cases.
The HVIP program enables customers of Nikola’s Tre FCEV to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck, in 2023. Customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.
California’s HVIP is an important incentive program intended to advance commercialization and to help reduce the total cost of ownership of hybrid and zero-emission commercial vehicles in the state of California. The program is unique in that it accelerates the adoption of zero tailpipe emission commercial vehicles on a first-come, first-served basis that does not require the retirement and scrappage of an existing diesel vehicle.
“This 100 sale order milestone is certainly something to celebrate and shows the commitment of our customers, dealers, employees and stakeholders,” continued Lohscheller. “And this is expected to be the first of many upcoming announcements.”
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the benefits of the FCEV sales orders and the ability to convert these sales orders to purchase orders; the business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of battery electric and hydrogen fuel cell electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of sales-orders into purchase orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Vancouver, Canada—– Klean Industries Inc (“Klean”), a company focused on the recovery of clean energy and resources from waste, is pleased to announce that it has executed a Memorandum of Understanding (“MOU”) with Nikola Corporation (“Nikola”) (Nasdaq: NKLA) a leading designer and manufacturer of heavy-duty commercial battery-electric vehicles (“BEV”), hydrogen fuel cell electric vehicles (“FCEV”), and energy supply and infrastructure solutions, via its HYLA brand.
The companies intend to collaborate to encourage adoption of Nikola Class 8 zero-emission vehicles with Klean’s partners, feedstock suppliers, while developing green hydrogen supply and dispensing infrastructure in the United States and Canada. Nikola will evaluate offtake opportunities from green hydrogen projects being developed by Klean and its partners involving hydroelectric, wind and solar power in the Pacific Northwest and Canada. Utilizing Klean’s green hydrogen, the companies will also work together to convert Klean’s logistics partners’ truck fleet to Nikola Class 8 zero-emission vehicles.
Both Klean and Nikola see a significant opportunity to collaborate on projects where Klean and its partners operate recycling, resource recovery and waste to energy plants. This relationship is synergistic, as both parties see zero-emission logistics as a key part of delivering holistic supply chain solutions that facilitate the development of the low carbon hydrogen economy, with the goal of zero waste to landfill. Additionally, this collaboration demonstrates the commitment of Klean, their logistic partners, and Nikola, to help decarbonize the transportation sector as hydrogen plays a crucial role in providing a solution for the global path to a zero-emission future in transportation.
“We believe Nikola’s hydrogen electric trucks are going to fundamentally change the ground transportation and logistics landscape. This exciting collaboration will create opportunities that will reinforce the importance of working together as we look to both deploy and develop a renewable hydrogen value chain. Developing clean energy projects with leading technology companies such as Nikola, supports Klean’s strategic focus and enables our respective companies to create a symbiosis between waste, resources, and energy, while simultaneously helping in the creation of a circular low carbon economy. Green hydrogen has the potential to completely transform the energy landscape and drive a cleaner, more sustainable future,” said Jesse Klinkhamer, CEO of Klean Industries Inc.
“Klean’s vision of utilizing green hydrogen fleet of trucks in their tire recycling ecosystem is a clear indication of the company’s commitment to creating a better, more sustainable future. With its longer driving range and zero-emissions, the Nikola Tre hydrogen electric vehicle is poised to revolutionize the trucking industry and change the way we think about transportation. Klean has already brought together like-minded partners to decarbonize their truck fleets which is a testament to their far-reaching commitment and deep knowledge of this sustainability space,” said Carey Mendes, Nikola, President Energy.
ABOUT KLEAN INDUSTRIES Klean Industries (“Klean”) provides best-in-class technologies and solutions in the waste-to-value industry. Our international team of award-winning experts has decades of experience in the design, engineering, and manufacturing of the highest-quality equipment to convert waste streams into valuable energy and resources. Klean’s unique products and services are a result of combined knowledge in the design of recycling, resource recovery, waste management, and power generation projects. Our global project management expertise safeguards timelines and budgets enabling projects to be delivered in less time and at lower costs.
Klean uses proprietary technologies to rapidly develop projects that produce the highest quality fuels, recovered carbon blacks, and green hydrogen from various kinds of feedstocks. Our know-how and technical skills provide a specialization in building projects that use advanced thermal technologies such as pyrolysis, gasification, and carbonization, which convert end-of-life tires, waste plastics, and municipal solid waste into domestic energy, sustainable commodities, and new cleantech jobs. We create a symbiosis between waste, resources, and energy. Klean Industries is the link between the low carbon, circular economy, and the goal of zero waste to landfill.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
Kim J. Brady to retire as Chief Financial Officer of Nikola Corporation, effective April 7, 2023.
Anastasiya “Stasy” Pasterick, current Nikola Corporation Vice President, Corporate Controller, has been named successor.
PHOENIX. March 27, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that Chief Financial Officer (CFO) of Nikola Corporation, Kim J. Brady, will retire as CFO effective April 7, 2023. Anastasiya “Stasy” Pasterick, who is currently serving as Nikola’s Vice President, Corporate Controller, will succeed Brady as the company’s new CFO. Brady will remain employed with Nikola through April 28, 2023, as a non-executive officer in an advisory capacity to support the transition.
As CFO, Pasterick will be responsible for leading Nikola’s finance and accounting team, including investor relations, strategic finance, and treasury.
“Stasy’s proven financial acumen and attention to detail are the capabilities the company needs now as we build on the momentum surrounding the unveiling of our new energy brand, HYLA, the commercialization of our Class 8 battery-electric truck, and the pending production of our Class 8 hydrogen fuel cell vehicle,” said Michael Lohscheller, Nikola Corporation President and CEO. “We are grateful to Kim for his leadership and dedication to the company for the past five years. He led the organization’s early rounds of funding and was instrumental in taking the company public and shaping its strategy. We sincerely wish him all the very best as he embarks on a new and exciting chapter in his life.”
“It has been a privilege to be part of the great team at Nikola and I am proud of what we have accomplished together, including building a strong foundation for a zero-emissions transportation future and energy transition to hydrogen,” said Brady. “I’ll miss the passion, vision, and collaborative spirit throughout the organization and am pleased to see a high-caliber leader like Stasy step in as the next CFO of the company.”
“It is an honor to have the opportunity to continue shaping Nikola as we remain focused on the execution of our business plan and navigate the next chapter of our journey,” said Pasterick. “I am grateful to Kim for serving as a valued colleague, mentor, and friend since I joined the Nikola team over four years ago.”
ABOUT STASY PASTERICK Pasterick started her career at KPMG LLP where she worked in audit for seven years, serving a diverse portfolio of clients in the automotive and technology sectors from pre-revenue start-ups to global multi-billion-dollar corporations. Prior to joining Nikola in 2019, Pasterick held several financial leadership positions at OEM manufacturing firms including Director of Accounting Operations at Erickson, Inc., and Corporate Controller at nLIGHT, Inc. (NASDAQ: LASR), where she led all financial aspects of the company’s IPO.
At Nikola, Pasterick was key in executing the organization’s SPAC merger in 2020 and has been responsible for the overall financial operations of the company including accounting, reporting, transactional finance, and manufacturing finance. She has established Nikola’s accounting and reporting infrastructure as a new public company and has been instrumental in scaling the organization’s financial operations through entering commercial production.
Pasterick is a Certified Public Accountant (CPA) and holds a B.S. in Business Administration from Portland State University.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the potential benefits of the announced executive leadership change. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Ahead of schedule, company expedites ability to bring manufacturing under one roof
Published
PHOENIX – March 16, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero emission transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced that the move to transition battery manufacturing from Cypress, Calif. to its Coolidge, Ariz. manufacturing facility is expected to be complete by April 2023, months ahead of the original schedule.
The ability to expedite this process further supports Nikola’s ongoing commitment to implement cost-saving measures by bringing the Nikola truck assembly, fuel cell power module assembly, and battery module and pack production under one roof. This includes battery line automation geared toward improving quality and increasing efficiencies.
“Over the past several months, the Nikola team has been working to ensure the battery production transition plan was seamless and on schedule,” said Michael Lohscheller, Nikola Corporation President and CEO. “We are pleased with the speed in which the plan has occurred and are grateful for the Cypress team’s contribution.”
A battery engineering presence is expected to remain in California at a separate facility to focus on the development of Nikola’s next generation battery management system software and modules.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the potential benefits received from moving battery manufacturing to Coolidge, Arizona and its effect on company cost savings measures; business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-Q for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
Reported GAAP net loss per share of $0.46 and non-GAAP net loss per share of $0.37 for Q4 2022
Advancing deployment of zero-emissions trucks in fleets through innovative integrated mobility solutions
Entered into partnership with ChargePoint allowing Nikola and our dealers to resell ChargePoint products
Unveiled the first HYLA hydrogen mobile fueler, providing flexible, capital-efficient fueling infrastructure
On track to be first to market and commercialize fuel cell electric vehicles (FCEVs) with deliveries expected in Q4 2023
Received Tre FCEV orders for up to 75 from Plug Power and 15 from Biagi Brothers
Continued to execute on and build our energy business with partners
Furthered development on Phoenix Hydrogen Hub, invitation to Phase II Department of Energy (DOE) loan process, Final Investment Decision expected Q3 2023
Strategic partnership with Plug Power for nationwide hydrogen supply of up to 125 metric-tons per day
Expected collaboration with Fortescue Future Industries (FFI) for green hydrogen projects across the country
PHOENIX – February 23, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results for the quarter and full-year ended December 31, 2022.
“During the fourth quarter we strengthened our commercial and sales operations, which is expected to lead to increased sales and accelerated customer deliveries,” said Nikola CEO, Michael Lohscheller. “As a whole, we made significant progress on both the truck and energy infrastructure fronts. The advances we have made on battery charging and hydrogen solutions with strategic partners, and the unveiling of our hydrogen mobile fueler under the HYLA brand, will allow Nikola to provide fully integrated mobility solutions to customers for both the BEV and FCEV.”
Energy Business Progress In January, we announced the launch of HYLA, our new hydrogen energy brand. HYLA will provide integrated and innovative energy solutions for customers. We also announced the completion of our first hydrogen mobile fueler, capable of refueling trucks at 10,000 psi. The mobile fueler, coupled with the 960 kg capacity hydrogen tube trailer, will provide a flexible fueling solution to fleets by enabling fueling at their depots. Mobile fuelers can also serve as an interim solution as permanent infrastructure is built and FCEV network density develops. Mobile fuelers can be deployed on demand in any environment at a fraction of the cost of permanent refueling infrastructure.
During the quarter we announced our intent to develop access to up to 300 metric-tons per day (TPD) of hydrogen supply and up to 60 dispensing stations by 2026, capable of supporting 7,500 FCEVs in service. Underpinning the 300 metric-TPD are a number of strategic partnerships and offtake agreements. To date we have announced the following projects and partnerships in the U.S. and Canada:
Phoenix Hydrogen Hub – initial production of 30 metric-TPD expanding up to 150 metric-TPD
Acquired 920-acre parcel of land in the City of Buckeye, AZ to develop Phoenix Hydrogen Hub
Invited to participate in Phase II of DOE loan process
Announced expected collaboration with FFI for hydrogen supply and infrastructure across North America
Plug Power Supply Partnership – up to 125 metric-TPD
KeyState Natural Gas Synthesis Supply Partnership – up to 100 metric-TPD
On February 21 we also announced an additional planned station location in West Sacramento, California, bringing our total number of planned stations to four in California. We believe the introduction of the Nikola mobile fueler as well as other third party mobile fuelers in Nikola’s portfolio will augment permanent refueling infrastructure and accelerate the adoption of FCEVs by providing agile fueling solutions.
Nikola Tre FCEV Development Tre FCEV pilot testing with Walmart and TTSI has been successfully completed. During the pilots the FCEV alphas accumulated over 7,800 and 9,500 miles respectively. As of today, we have completed the build and commissioning of 17 FCEV beta trucks and are now in the process of building 10 gamma trucks, which will be used for additional pilot testing and vehicle validation. We remain on track to begin SOP and expect to deliver the first FCEVs to customers in 2H 2023.
Nikola Tre BEV Commercialization During the fourth quarter, we produced 133 Nikola Tre BEVs delivering 20 to dealers. We utilized the fourth quarter to improve our BEV product based on customer and potential customer feedback. We also released our over-the-air software update 2.0, which increased the Tre BEVs usable range and enabled 350kW DC fast charging.
On November 8 we announced our partnership with ChargePoint, allowing Nikola and our dealers to sell ChargePoint charging infrastructure and software to customers. This, along with our Mobile Charging Trailers, allows Nikola to offer customers an integrated mobility solution with trucks and a full suite of charging products.
To accelerate customer deliveries and refine our commercial strategy, Bruce Kurtt was hired as SVP Commercial and Sales. He brings over 30 years of medium and heavy-duty trucking experience and deep relationships in the trucking industry to Nikola. The expanded commercial, sales, and product management teams are leading product improvements and refining our go-to-market approach as we look to accelerate customer deliveries.
PlusDrive in Nikola Trucks On February 22, we announced the selection of PlusDrive, the next generation safety system developed by Plus, for the Nikola Tre BEV and Nikola Tre FCEV in the U.S. The first factory-installed Nikola Tre BEVs and hydrogen electric vehicles that will incorporate enhanced driver assistance features powered by PlusDrive are expected to be available by the end of 2024.
European JV Updates In Europe, the joint venture (JV) between Nikola and Iveco Group is delivering according to plans and the first serial BEV trucks will be delivered to customers by the end of this year. We anticipate serial BEV production will begin in Q3 and customer deliveries to begin soon after. Development of the EU spec FCEVs continued in the fourth quarter. We plan to begin Tre FCEV SOP in Q3 2024. The JV received its first LOI for 100 Tre FCEVs from GP Joule on January 23, and 20 from Richter Group on February 22. We continue to make progress on our partnership with E.ON. We are finalizing the JV agreement which we expect to execute by the end of Q1.
Coolidge, Arizona Manufacturing Facility In Coolidge, progress continued on the Phase 2 assembly hall expansion, which is expected to be complete by the end of Q2. Once completed, the building hall nameplate capacity is expected to be up to 20,000 trucks per year. We plan to begin installation of the automated battery module and pack line and Bosch fuel cell power module assembly line in Q2. Once complete, we anticipate the automated battery module and pack line will provide up to $105,000 in cost savings per BEV.
Fourth Quarter and Full Year Financial Highlights
Business Outlook We plan to achieve the following milestones in 2023:
Complete the build of 10 gamma FCEVs by Q2 2023
Realize approximately $105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023
Achieve Final Investment Decision for the Phoenix Hydrogen Hub by Q3 2023
Announce at least two refueling station partners by June
Deliver 250 – 350 Tre BEVs to dealers for the Full Year 2023
Deliver 125 – 150 Tre FCEVs in Q4 2023
Webcast and Conference Call Information Nikola will host a webcast to discuss its fourth-quarter results at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on February 23, 2023. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20230223/en.
The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.
About Nikola Corporation Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information visit our website or Twitter @nikolamotor.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s future performance and milestones; expected timing of manufacturing facility expansion, SOP and truck delivery and production capacity; expectations regarding hydrogen dispensing stations and hydrogen capacity; timing of completion of testing, production, as well as other milestones; expected capacities and benefits of HYLA mobile fueler and HYLA mobile tube trailer; expected cost savings of automated battery module and pack line; expectations to provide fully integrated mobility solutions to customers for both BEV and FCEV; expected orders and deliveries of trucks and the timing thereof; the Company’s belief that strengthened commercial and sales operations will lead to increased sales and accelerated customer deliveries; the Company’s belief that the introduction of its mobile fueler as well as other third party mobile fuelers in its portfolio will augment permanent refueling infrastructure and accelerate the adoption of fuel cell electric vehicles by providing agile fueling solutions; the Company’s business outlook; and terms and potential benefits of planned and actual collaborations with strategic partners. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the effects of inflation and COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company or Romeo Power, Inc. (“Romeo”) is, or may become a party; demand for and customer acceptance of the Company’s trucks; the results of customer pilot testing; the execution and terms of definitive agreements; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the effects of competition on the Company’s business; the availability of and need for capital; the impact of the Company’s acquisition of Romeo; the Company’s ability to achieve cost reductions for its vehicles; customer demand for the Company’s trucks; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
Richter Group will receive hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure from Nikola and E.ON beginning in 2024 onwards
The logistics service provider plans to transition their fleet of 160 trucks towards the Class 8 Nikola Tre hydrogen electric truck over the next four to five years
ULM, GERMANY. February 22, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, E.ON and Richter Group, today announced a Letter of Intent for an initial order of 20 Class 8, heavy-duty Nikola Tre hydrogen electric vehicles and the hydrogen needed to supply them.
Richter Group is a leading provider of individual logistics services comprising hub and direct transport solutions for courier, express and parcel clients. Located in Germany, it currently owns a fleet of over 160 diesel-powered trucks with loading and unloading points in the Netherlands, Belgium, France and the United Kingdom.
Nikola and E.ON intend to help Richter Group decarbonize its vehicle fleet by providing hydrogen electric trucks, the required green hydrogen, and the refuelling infrastructure through the previously announced joint venture that is to be established in the upcoming weeks.
The initial order of 20 Nikola Tre hydrogen electric trucks are expected to be delivered to Richter Group in 2024. Richter Group intends to transition their entire fleet to Nikola Tre hydrogen electric trucks over the next four to five years. Richter Group also plans to work with their logistics partners to transition fleets to Nikola’s zero-emission vehicles, which could equate to an additional 750 hydrogen electric trucks within that same timeframe.
The Nikola Tre hydrogen electric trucks in the European 6×2 variant will be manufactured by the joint venture between Nikola and Iveco Group (MI: IVG) at their facility in Ulm, Germany. Richter Group and its partners may acquire some or all Nikola Tre hydrogen electric vehicles through GATE – Green & Advanced Transport Ecosystem, IVECO’s all-inclusive electric truck rental model. IVECO will provide the essential maintenance and service functions.
E.ON will provide Richter Group with green hydrogen and develop the refuelling infrastructure to meet the needs of the hydrogen electric vehicles brought to market. The first refuelling solution within the scope of this project will be located on the premises of Richter Group in Wesel, Germany. Both hydrogen supply and logistics will be supplied though the Nikola and E.ON joint venture once it is officially established.
Michael Lohscheller, President and CEO, Nikola Corporation, said, “The commitment from Richter Group is another example of how Nikola and E.ON are playing an essential role in helping Germany achieve the goal of decarbonizing the transportation sector. Implementing the initial order of 20 heavy-duty zero-emission trucks in place of existing diesel trucks, equates to avoiding the annual CO2 emissions from approximately 600 passenger cars.”
Sylvio Richter, founder and CEO of Richter Group said, “We plan to introduce the Nikola hydrogen electric trucks and other services of Nikola and E.ON to many of our partners to further promote and grow decarbonization efforts in the European heavy-duty transport sector. This Letter of Intent is just the beginning. Through our technology subsidiary Sundronix GmbH, Richter Group will be working with Nikola and E.ON on technological solutions for the design and construction of a 700-bar refuelling infrastructure, hydrogen transport logistics, and hydrogen supply.”
With a range of up to 800 km, the Nikola Tre hydrogen electric truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks while realizing weight savings when compared to battery-electric Class 8 trucks with similar range. The Tre hydrogen electric truck is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
ABOUT E.ON E.ON is an international investor-owned energy company, which focuses on energy networks and customer solutions. As one of Europe’s largest energy companies, E.ON plays a leading role in shaping a clean, digital, decentralized world of energy. To this end, around 72,000 employees develop and sell products and solutions for private, commercial and industrial customers. More than 51 million customers purchase electricity, gas, digital products or solutions for electric mobility, energy efficiency and climate protection from E.ON. E.ON is headquartered in Essen, Germany. For more information, please visit www.eon.com.
ABOUT RICHTER GROUP Richter Group is a prominent provider of individual logistics services. These services include hub and direct transport solutions for clients in the courier, express, and parcels industries. Richter Group is committed to providing its customers with sustainable transport solutions that meet their environmental, social, and corporate governance criteria. Founded in 1987 Richter Group is headquartered in Wesel, Germany. For more information, visit www.richtertransport.de.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding its business, business model and strategy; the expected benefits of the company’s joint venture with E.ON and LOI with Richter Group; the company’s expectations regarding its projected truck builds and related specifications and the timing of delivery of hydrogen electric trucks; the company’s expectations for its trucks and market acceptance of electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, including receiving a binding purchase order for trucks from Richter Group, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
PlusDrive-enabled Nikola Tre vehicles to be launched in 2024. PGT Trucking, Christenson Transportation, and other fleets to pilot the vehicles.
Published
PHOENIX – February 22, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced that it has selected PlusDrive, the next generation safety system developed by Plus, for the Nikola Tre battery-electric vehicle (BEV) and the hydrogen electric vehicle in the U.S. The first factory-installed Nikola Tre BEVs and hydrogen electric vehicles that will incorporate enhanced driver assistance features powered by PlusDrive will be available by the end of 2024.
“The enhanced driver assistance features are yet another differentiator of Nikola’s premium driver experience for our customers,” said Michael Lohscheller, President and CEO, Nikola Corporation. “We are one of the first OEMs to offer 100% electric steering paired with the ZF EBS braking system. This base technology in all our vehicles, combined with Nikola’s own internally developed vehicle controls, over-the-air updates and vehicle security can enable the integration of these advanced sensors and the realization of the PlusDrive safety system from Plus.”
Designed for drivers by drivers, PlusDrive offers unmatched safety, fuel efficiency, and driver comfort features. PlusDrive elevates the role of the professional driver to a pilot who supervises the system to drive on the highway. Its capabilities go far beyond basic driver assistance capabilities such as lane keeping and automatic emergency brakes. PlusDrive also handles everything from staying centered in the lane, lane changes, merges, stop-and-go traffic, and nudging, while the driver remains alert and attentive. New driving features are continuously added over-the-air without any additional truck downtime.
Together with Nikola’s base technology, PlusDrive will moderate and predict the optimal and safest speed, while also taking full advantage of regenerative braking in traffic and slowing conditions. The vehicle is expected to keep the best position within the lane and account for other large vehicles and emergency vehicles. With PlusDrive, the Nikola Tre BEVs and hydrogen electric vehicles will come with best-in-class incident detection capabilities via the multiple cameras to be used together with short-range radar, and LiDAR. The advanced sensor suite will assist the driver to safely interact with other drivers and provide additional protection for liability mitigation.
When not in use on the highway, the Nikola Tre BEV and hydrogen electric vehicles will maintain the ability to detect obstacles and traffic in the blind spots. Other traffic, including motorcycles and pedestrians, will continue to be highlighted to provide drivers with their proximity information. The system will work in all traffic conditions, including loading docks. Pedestrian safety around the trucks is especially important as much quieter zero-emissions vehicles become a mainstay. The system will highlight pedestrians around the vehicle to help ensure safety of typical operations including loading and unloading, inspections, and charging and fueling. Safe operation during high-power charging and hydrogen fueling will also be supplemented with detection and recording features.
“We are proud to support a zero-emission future and provide the underlying safety system behind Nikola’s enhanced driver assistance features. The proven commercial readiness of our highly automated solution PlusDrive accelerates the deployment for our partners and sets a new bar for safety and sustainability for the trucking industry,” said David Liu, CEO and Co-Founder, at Plus.
Multiple fleets including PGT Trucking and Christenson Transportation have agreed to pilot the initial Nikola PlusDrive-enabled trucks which will be available in late 2023. Given the overwhelming fleet interest in the system, Nikola is establishing an Enhanced Driver Assistance Customer Council to collaborate with fleets and Plus to continue refining the system.
“PGT Trucking is committed to advancing the transportation industry through the Future of Flatbed®, strategically partnering with like-minded companies, like Nikola, to implement innovative technology and equipment into our fleet,” said Gregg Troian, PGT Trucking President. “We will actively participate in the ongoing development of the Nikola PlusDrive-enabled units, using these trucks in real-world applications, improving safety standards and enhancing the lifestyle for our drivers.”
“Christenson Transportation has and continues to invest in the safest technology available on the market to lower our carbon emissions to meet the goals of our customers and the communities we serve,” said Don Christenson, Christenson Transportation President. “The Nikola PlusDrive-enabled trucks, along with the current Nikola Tre BEV and hydrogen electric vehicle, will play a significant role in helping us achieve this vision and improve work, life balance for our drivers. We are proud to be one of the first customers to pilot these trucks this year and play an active role in the launch of this innovative technology.”
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of the planned collaboration between Nikola and Plus; the potential benfits of the PlusDrive system; the benefits of Nikola’s vehicle technology; the ability of the PlusDrive system to deliver all of its anticipated features and the planned benefits from those features. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management. We cannot assure you that forward-looking statements will be achieved and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to, the failure to realize the anticipated benefits of the announced collaboration between Nikola and Plus; design and manufacturing changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; the potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola’s trucks; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of Nikola’s business and the timing of expected business milestones, including delivery of trucks for sale; the effects of competition on Nikola’s future business; the availability of capital to fund Nikola’s business; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
ABOUT PLUS Plus is a global provider of highly automated driving and fully autonomous driving solutions. Named by Fast Company as one of the World’s Most Innovative Companies of 2022, Plus is the only autonomous trucking company with customers operating its product on the road today. Working with one of the largest companies in the U.S., vehicle manufacturers and others, Plus is making long-haul trucking safer, more fuel efficient, more sustainable, and more comfortable for the drivers. Plus has received a number of industry awards and distinctions for its transformative technology and business momentum from Fast Company, Insider, Consumer Electronics Show, AUVSI, and others.
